Overview and Scope
The paralleling switchgear market consists of sales of static transfer paralleling switchgear (PSG), manual transfer paralleling switchgear (PSG), and automatic transfer paralleling switchgear (PSG). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The paralleling switchgear market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to aging power infrastructure, increasing electricity demand, industrialization, technological advancements, regulatory mandates, urbanization, rising investments in renewable energy, grid reliability concerns, cost efficiency measures, and expanding industrial automation.
The paralleling switchgear market size is expected to see strong growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to smart grid integration, microgrid deployments, energy storage integration, IoT in energy management, electrification of transport, renewable energy mandates, grid modernization initiatives, demand response programs, cybersecurity enhancements, and modular switchgear solutions. Major trends in the forecast period include increased adoption of digital substations, decentralized power generation, energy efficiency optimization, focus on sustainable energy solutions, the rise of energy-as-a-service models, AI and machine learning in grid management, electric vehicle charging infrastructure growth, resilience planning for extreme weather events, integration of blockchain in energy transactions, and the emergence of smart cities leveraging advanced switchgear technologies.
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Segmentation & Regional Insights
The paralleling switchgear market covered in this report is segmented –
1) By Type: Open Transition Systems, Closed Transition Systems, Soft Load Systems
2) By Power Rating: Low Voltage (LV), Medium Voltage (MV), High Voltage (HV)
3) By Application: Prime Power, Standby Power, Peak Shaving
4) By End User: Commercial, Industrial
Asia-Pacific was the largest region in the paralleling switchgear market in 2023. The regions covered in the paralleling switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for renewable energy sources is expected to propel the growth of the paralleling switchgear market going forward. Renewable energy is derived from natural resources replenished naturally on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat. The need for renewable energy is due to environmental concerns, energy security goals, and technological advancements. Paralleling switchgear is used in renewable energy to synchronize multiple power sources, such as solar arrays or wind turbines, for efficient grid integration and optimal power distribution. For instance, in January 2024, according to the International Energy Agency, a France-based autonomous intergovernmental organization, renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022. Therefore, rising demand for renewable energy sources drives the paralleling switchgear market.
Key Industry Players
Major companies operating in the paralleling switchgear market are Siemens AG, General Electric Company (GE), Caterpillar Inc., Schneider Electric SE, ABB Ltd., Cummins Inc., Eaton Corporation, Kohler Co., ASCO Power Technologies, Industrial Electric Mfg. (IEM), Thomson Power Systems, Pioneer Power Solutions Inc., Switchboard Apparatus Inc, Paramount Power Systems, Electro-Mechanical Industries, Enercon Engineering Inc., Advanced Power Technologies LLC, HiReli LLC, MTU Onsite Energy, Regal Beloit Corporation
The paralleling switchgear market report table of contents includes:
1. Executive Summary
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